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Today seems to fit two possible setups out of "Tricks of the Floor
Trader". Looking at the intra-day chart of the DOW, the setup is called
"Knock Thrice" forth is a give me ( looking at the 10800 level) and
another way to look at this is if the market is moving sideways for 1
hour then get out or short. With the Fed warning of an increase in
rates, I call for the market to go down.
I use both of these setups for stocks and they work well. I exited PMTC
this morning based on moving sideways for 1 hour, the trade was a
scalp. I didn't want to do this I was looking for about 5-10% gain on
this trade.
Just some thoughts,
TradeWell,
Joe Frabosilio
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